Can a Home Fail an Inspection?
Home inspections are an important step in every home sale. They give potential buyers a chance to get to know their new home better and determine if any repairs need to be made before finalizing the purchase. Home inspections aren’t pass or fail; the reports simply contain objective, unbiased assessments of the home’s major systems. That said, inspection reports can contain bad news. If the inspector finds significant problems, especially problems that affect safety, the sale is likely in peril. You might be forced to make expensive repairs, the bank might turn away the loan, or the buyer might simply walk away.
Don’t Panic – You Still Have Options
Bad news in the home inspection report does not leave you stuck. You still have options. First, it’s worth considering what kinds of problems can derail a deal. Small snags won’t stop a sale from moving forward, but big issues such as the following will:
● Anything safety-related
● Anything expensive
● Mold
● Leaky or otherwise problematic roof
● Water damage
● Cracked foundation
● Electrical code violations
● Asbestos
● Termites
If the home inspector finds these or other problems, wait first to see what the buyer wants to do. They will either negotiate on price, request repairs, or back out. You then have the option to make the necessary repairs and move forward with the sale. Remember the following:
● It’s perfectly legal and rational for homebuyers to ask for major problems to be repaired.
● You can offer a discount to the buyer in lieu of making the repairs yourself.
● If you relist your home after a bad inspection, you are required to disclose this fact to future potential buyers.
With these things in mind, it’s often a good idea to work with the buyer, if they’re willing, to proceed with the sale. Finding another buyer will take time and be difficult.
Skip the Hassle
If you suspect your home is going to earn significant red flags on its inspection, you can forego the inspection completely and sell it for cash instead. Any firm that advertises, “we buy homes for cash in Lawrence, KS,” will buy your home as-is. With a cash sale, you’ll receive a quote in minutes over the phone, and the deal can close in as little as a week. No realtors. No showings. And no home inspections. If you aren’t able to or interested in making repairs or you simply want to sell your house fast, a cash sale is the way to go.
Avoid the stress of a home inspection completely by selling your home for cash.